Article 6-5. Assignment of claim rights in project financing The Law on Project Financing and Securitization

Home / RLA / Article 6-5. Assignment of claim rights in project financing The Law on Project Financing and Securitization

1. The contractor assigns the rights of claim belonging to him to creditors or a special financial company. The assigned claims should not be burdened with the rights of third parties. The terms of assignment and the scope of the assigned claim rights are determined by the contract.

2. The contract of assignment of claims for project financing must be concluded in writing in compliance with the requirements established by Article 346 of the Civil Code of the Republic of Kazakhstan. Failure to comply with the written form of the assignment agreement entails its nullity.

3. If the executor assigns a future claim, it passes to creditors or a special financial company at the time of conclusion of the assignment agreement without the possibility of transferring this right to other persons.

4. The contractor is responsible to creditors or a special financial company for the validity of the rights of claim transferred to them, but is not responsible for non-fulfillment of this requirement by the customer and the persons using the property created under the basic agreement, unless otherwise provided by the assignment agreement.

5. Claims may be made from the moment the property created under the basic agreement is put into operation, unless otherwise provided by the basic agreement.

The Law of the Republic of Kazakhstan dated February 20, 2006 No. 126.

This Law establishes the legal basis and conditions for project financing and securitization in the Republic of Kazakhstan, defines the specifics of the assignment of claims and the legal regime of property in project financing and securitization, the legal status of a special financial company, as well as the legal basis and conditions for syndicated financing.

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